The euro gapped higher at the open, but has already given up half of its gains.
The past weekend brought us the French election, an event which has been widely expected to cause an uptick in volatility. Forex and CFDs brokers took measures to limit the impact of a prospective surprise result, but that scenario did not materialize. As widely expected, centrist candidate Emmanuel Macron won the first round by a small margin.
French election polls have been spot on as after 97 percent of the ballot was counted, Macron received 23.9 percent of the vote, followed by far right candidate Marine Le Pen with 21.4 percent.
[gptAdvertisement]
A relief rally in the euro flushed some stops above 1.09, as it gapped higher at the open to trade by a bit less than 2 percent. The EUR/JPY performed strongly, opening higher by almost 3 percent. Since market open the gains have receded and the European currency is trading in orderly market conditions around 1.0843, or 1.1 percent higher against the US dollar.
Media Noise Bad Predictor of Black Swans
The mainstream media has been actively stirring panic amongst investors in recent months. Analysts that have been notably cautious about the French election regularly warned us about a doomsday scenario, such as a run-off between far right and far left candidates Le Pen and Melanchon.
Polling companies have done a great job in France, following up on the disasters in the UK and in the US. In a similar way, not many people were anticipating the Swiss franc Black Swan in January 2015.
Pundits have been notoriously wrong when predicting black swans, the rule of thumb being that an unexpected event occurs only when not many people are talking about it. Investors have been jittery during the past couple of weeks, pushing the spreads between German and French government bonds higher to protect their positions.
Brokers Anticipated Correctly that Indices are the Main Movers
The unwinding of positions of EU bonds investors led to a compression of spreads and a rally in the euro and European indices. The French CAC 40 opened close to 4 percent higher, which could have had some negative impact on clients that were holding short positions overnight.
Brokers have anticipated such a scenario, calling for increased collateral requirements on index positions. French bank stocks are higher by over 8 percent as of writing, as the prospect of a systemic outflow from the banking system of the country has been averted.
Nevertheless, political risks in France remain. Mr. Macron is a candidate that is not a member of one of the two major parties in the country. But parliamentary elections in France where the establishment parties could make a comeback are just a month and a half away and could make reforms difficult.
Mr Macron has started on his way to the Presidential palace, but his success hinges on the performance of his party 'En Marche!' in the June legislative election.
The past weekend brought us the French election, an event which has been widely expected to cause an uptick in volatility. Forex and CFDs brokers took measures to limit the impact of a prospective surprise result, but that scenario did not materialize. As widely expected, centrist candidate Emmanuel Macron won the first round by a small margin.
French election polls have been spot on as after 97 percent of the ballot was counted, Macron received 23.9 percent of the vote, followed by far right candidate Marine Le Pen with 21.4 percent.
[gptAdvertisement]
A relief rally in the euro flushed some stops above 1.09, as it gapped higher at the open to trade by a bit less than 2 percent. The EUR/JPY performed strongly, opening higher by almost 3 percent. Since market open the gains have receded and the European currency is trading in orderly market conditions around 1.0843, or 1.1 percent higher against the US dollar.
Media Noise Bad Predictor of Black Swans
The mainstream media has been actively stirring panic amongst investors in recent months. Analysts that have been notably cautious about the French election regularly warned us about a doomsday scenario, such as a run-off between far right and far left candidates Le Pen and Melanchon.
Polling companies have done a great job in France, following up on the disasters in the UK and in the US. In a similar way, not many people were anticipating the Swiss franc Black Swan in January 2015.
Pundits have been notoriously wrong when predicting black swans, the rule of thumb being that an unexpected event occurs only when not many people are talking about it. Investors have been jittery during the past couple of weeks, pushing the spreads between German and French government bonds higher to protect their positions.
Brokers Anticipated Correctly that Indices are the Main Movers
The unwinding of positions of EU bonds investors led to a compression of spreads and a rally in the euro and European indices. The French CAC 40 opened close to 4 percent higher, which could have had some negative impact on clients that were holding short positions overnight.
Brokers have anticipated such a scenario, calling for increased collateral requirements on index positions. French bank stocks are higher by over 8 percent as of writing, as the prospect of a systemic outflow from the banking system of the country has been averted.
Nevertheless, political risks in France remain. Mr. Macron is a candidate that is not a member of one of the two major parties in the country. But parliamentary elections in France where the establishment parties could make a comeback are just a month and a half away and could make reforms difficult.
Mr Macron has started on his way to the Presidential palace, but his success hinges on the performance of his party 'En Marche!' in the June legislative election.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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